By Linda Collins
Brooklyn Daily Eagle

EAST NEW YORK — The board of the New York State Affordable Housing Corporation (AHC) approved grants this month to build and renovate affordable homes, including condo units in the East New York neighborhood in Brooklyn.

The approved grants, totalling $1.5 million, will be used to build and renovate 58 affordable homes citywide, focusing primarily on those communities impacted by the foreclosure crisis. “These grants will help stabilize communities affected by foreclosures and bring new homeownership opportunities throughout the city,� said Priscilla Almodovar, AHC president and CEO. “The grants reinforce Gov. Paterson’s vision of making New York a better place to live and work.�

Cypress Village Condominiums

In Brooklyn, the AHC approved a $348,000 grant to the Cypress Hills Local Development Corp. to help build 29 condo units on three sites as part of its Neighborhood Stabilization Program (NSP) in East New York.

Known as the Cypress Village Condominiums, it will have several sustainable “green� features incorporated into the construction and design, including energy-efficient heating and cooling systems, appliances, bamboo flooring and recycled gypsum board, according to the AHC.

The project was previously awarded $1 million in Federal NSP funds and $580,000 in AHC funding during the NSP application process.

The most recent $348,000 AHC grant will offset state subsidies the project did not receive. The household income limit to participate in the program is $61,440 for a family of four.

The total cost of the project is $10.6 million, according to records. The project will also receive the following, according to the AHC:

• $500,000 in capital funds from the Brooklyn Borough President’s Office;

• $75,000 grant from the Home Depot Foundation;

• $1.85 million in capital funds from the city’s Department of Housing Preservation and Development;

• $72,320 grant from the Local Initiatives Support Corporation (LISC);

• $92,869 grant from the NYS Energy Research and Development Authority;

• $25,000 grant from the Raza Development Fund;

• $200,000 in capital funds provided by State Senator Martin Malave Dilan;

• Developer equity and homeowner mortgages and equity.

For more information on AHC housing grants, please visit www.nyhomes.org.

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